Wills & Administration of Estates
Making a Will
It is always a good thing to make a Will no matter how large or how small you might feel that your estate is going to be the date of your death.
A person also has the right not to make a Will in which case if a person dies without making a Will, the rules of intestacy will apply to the administration of that person’s estate.
However making a Will helps to give you more freedom to distribute your estate in accordance with your wishes after the date of your death.
Making a Will can be straightforward for some people but can be complex for others, and someone making a Will should also seek taxation advice from a suitably qualified tax advisor in conjunction with making a Will.
If a person dies without having made a Will, the next of kin should apply to administer the estate. The rules of intestacy then provide that if the deceased is married with no children, the surviving spouse gets the entire estate.
If the deceased is married with children, two thirds of the assets of the estate pass to the surviving spouse and one third to be distributed amongst the children.
If the deceased dies a widow or widower and their are no children of the marriage, the deceased’s estate will pass to the deceased’s surviving parent or parents or, if both are deceased, then the estate will pass to the siblings. The rules of intestacy also provide for other possible situations.
If you make a Will you will be required to appoint an Executor. The Executor should be someone you can trust and someone who is capable of carrying out the duties associated with being an Executor.
Making a Will requires the careful advice of a Solicitor experienced in that particular area so as to account for the rights of your spouse should you have one, and the rights of any of your children with regard to the distribution of your estate and the rules of testacy.
A Will becomes effective from the date of death, and once the executor gives the instructions to administer the estate, the estate of the deceased can be administered accordingly.
The administration of an estate also requires careful and prudent planning and management and a solicitor experienced in that area can properly assist the executor in the carrying out of his or her duties.
At Carter Anhold & Co., Solicitors based in Sligo and Dublin, we have a section of our firm dedicated specifically to Wills and Administration of Estates.
For further information, please contact Carter Anhold Sligo & Dublin Solicitors on 071-9162211.